objectives to have practice in producing financial statements to develop skills in interpreting the financial performance of companies From the following data, construct a Statement of Financial Performance for the financial year 2015/2016 and a Statement of Financial Position as at 30th June 2016 Then answer the questions at end of the problem sheet During the period 1/7/2015 to 30/6/2016, My Engineering Company sold $503,400 of products on credit for which it received $430,397. It also received payment of $46,400 for product sold in the previous year. As at 30/6/2016, the company had $38,300 of unsold and partly completed product on its premises which was down from $48,700 worth of product twelve months earlier During the past year, the company purchased $143,400 of raw material on credit for which it still owes $23,900. It also paid $18,100 for material purchased in the previous year. Not all of the material has been used during the past year and there is $20,900 worth of material available for the next year (at the start of the year there was $26,700 worth of material available) Various consumables such as small hand tools, welding gases and sticks at a cost of $13,391 were bought and paid for during the financial year According to the previous year's Balance Sheet, the company had $7,750 of general office equipment (this was purchased for $11,600 in mid-April 2013). At the beginning of the financial year, the existing computer system was replaced at a cost of $15,000. The company also had $212,300 of processing equipment (plant) on its books at 30/6/2015 original cost $255,000) The owner of the company has a house in his and his wife's name valued at $950,000. He drives a car that is registered in the company's name that cost $48,000 almost two years ago and was valued at $38,800 on last year's balance sheet. As at 30/6/2016, there is an overdraft of $9,500 in the trading account. This was a vast improvement on the position twelve months earlier when the overdraft was $54,000. The company also has a loan of $175,000 from the bank that attracts an interest charge of 15%, which is all the company is paying (i.e. it is not paying back any of the capital at present). Petty cash in the office amounts to $145 (at 30/6/2015 cash on hand was $904 On the previous year's balance sheet, the company is shown as having accumulated $38,230 in reserves from past profits and $12,060 from the sale of capital equipment. At the start of the